Five easy ways to save big money now – and you won’t feel a thing – The Globe and Mail

A lot of people get it backward: They want to make a fortune in the stock market, even as their personal finances are in disarray.

Unless you want to borrow to invest – not a strategy I recommend – you’ll have to spend less than you make, and invest the difference. For most working stiffs, that’s the surest way to building wealth.

With that in mind, today I present five easy ways to save money now. As these examples illustrate, being frugal doesn’t mean you have to feel deprived.

Cut your cable

Some of my friends spend upward of $80 a month on cable. I cancelled my cable years ago and had an antenna installed on my roof for a grand total of $350. Now I watch high-definition television over-the-air for free, and so do a growing number of my neighbours. All you need is a newer HDTV with a built-in digital tuner. Annual savings: $960.

Make your own lattes at home

Instead of handing over more than $4 for a grande latte at Starbucks, you can easily make your own specialty coffees at home. And no, you don’t need a $1,000 espresso machine. Pick up a Bialettistovetop espresso maker for about $20, and a hand milk-frother (mine’s a Frabosk) for about $35, and you’ll be enjoying homemade lattes and cappuccinos for about one-tenth the price. Annual savings based on 365 beverages a year: $1,314. Tip: skim milk froths the best.